For any finance professional, having the right tools and accounting software to be able to perform their jobs is essential. Whether it be bookkeeping, filing taxes, financial forecasting or compiling financial reports, they can all be run smoother with the right technology.
However, many business leaders are often left scratching their heads over which of the many available tools to adopt to support their accounting teams. Of this bevvy of options, however, Microsoft Dynamics 365 Business Central stands head and shoulders above the competition.
Interested in finding out why? Read on to understand what MS accounting software is, its benefits and how it can help your accounting team perform their jobs more efficiently and accurately.
What is Business Central?
There are various accounting programmes available for organisations and individuals, one of which is Dynamics 365 Business Central. This software assists firms in compiling company insights like financial performance, business performance, reports, and cash flow projections. Previously known as Microsoft Dynamics 365 NAV, the platform is the de facto standard for optimizing business processes.
This software is also equipped to track vendors, spending, and invoices to the company or a third party. A company can not only tailor their dashboard to their individual needs, but it can also select industry-specific applications to aid in scalability and growth. It protects financial data against illegal access and uses cloud storage for efficiency and security.
The benefits of using Business Central as your accounting software of choice
As an accountant, you must have access to financial data no matter where you are. The key benefit of Dynamics 365 Business Central is that it enables you to run and expand your business from a single unified platform that provides critical information to assist the company’s clients.
You get access to financial account balances, transaction and account activity information, payment information, and financial documents. You can also view graphs of current financial performance, such as gross margin, operating margin, cash cycle, revenue, expenses, and earnings before interest, which can aid in tax preparation.
Reduced manual entry
Accounting software can assist in digitalizing various tasks that would otherwise take several hours to do manually. Business Central may also perform multiple jobs at once, such as accumulating expenses and visualising the data in a series of graphs and diagrams. This can help you save time on monotonous duties and focus on using the information you receive to make strategic decisions and provide meaningful advice to the firm or its clients. BC also includes mechanisms for verifying the correctness of the information you submit and automating tasks to reduce inaccuracies in financial data.
Reduce Operational Costs
Business Central allows the accounting team to automate many of the duties that they may conduct. Tracking expenses, visualising profit margins and estimating future financial performance are some of these activities. There are fewer resources needed for financial management and day-to-day operations, allowing more staff to focus on offering important services to clients. This can reduce the amount of time spent on administrative chores, resulting in fewer overtime hours. It may also enable accountants to concentrate on activities that generate more profit and clients for the company.
Reduce human errors
Business Central greatly limits the chance of errors when utilized as your accounting software. Accounting software typically aids in the simplification of accounting duties, making complex computations more manageable. BC excels in this, allowing you to validate the information you enter with ease.
Most accounting software will show you where problems in your financial reporting occur and what you can do to correct them. Business Central goes one step further by also assisting you in validating the accuracy of your financial data, reducing the number of errors and allowing for accurate decisions and auditing.
Achieve compliance and transparency
Compliance is required by businesses to ensure that financial teams follow correct accounting and tax rules. This is especially crucial when it comes to audits and regulatory checks. Business Central facilitates this by allowing you to readily examine reports and tax information before filing to ensure that everything is validated and filed accurately.
Secure your financial information
Because financial records contain sensitive information such as vendor and third-party names, transactions, invoice IDs, account numbers, cash balances, and financial performance, they are kept private.
To preserve the security of clients and the business, it is critical to safeguard this financial information. As a Microsoft product, Business Central implements highly effective security features to safeguard the financial information you manage on behalf of the company or its clients. These safeguards ensure that the information is correctly stored and that only authorised personnel have access to it.
Improve your Invoicing
Businesses generate a large number of incoming and outgoing invoices for partners, clients, and third-party providers, making it a typically laborious task to handle. Accountants may track all bills linked with the firm and its stakeholders, making quick work of this using the invoicing tool in Dynamics 365 Business Central. You can see the vendor list, the number of payments approved or pending, the invoice number and date, the transaction on the invoice, and the invoice’s cash balance.
Accounts receivable and accounts payable
Finance teams also typically track the expenses that the company or its clients incur as well as the incoming revenue streams. Business Central lets you easily record these transactions, utilizing the platform to record the amount and date of each account receivable and account due accordingly.
Future financial performance forecasts
Your finance team is able to predict the company’s future financial performance using key data. For optimal insights, Business Central y ou can visualise and forecast cash flow, cash cycle, days of inventory outstanding, total liquidity, and total accounts payables and receivables.
This data is used by businesses and clients to make strategic decisions about investments, company direction, budgets, and operational activities. Financial forecasts are also essential in better planning the goals they want to establish for the coming year in order to continue their growth and advancement.
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